Dear Fellow Shareholders
We founded Mindtree in 1999 to focus on delivering business benefits with technologyand to become trusted partners to our clients. Enterprises of tomorrow are sharply focusedon using Digital technologies to serve their customers better and to be more agile and theefficient in their operations. Our heritage of being Born Digital' beingconsulting-led and successfully building long-term relationships with our clientspositions us well for thefinext phase of disruption and growth in our industry. Beyondcustomers we have embedded partnerships as a way of running our business and today wehave several partners whose capabilities we leverage to serve our customers better.
Our clients see their customers demanding more from them and their markets are beingdisrupted faster than ever. Digital Transformation is a strategic imperative for CxOsmany of whom are driving this as a personal priority. They want partners like Mindtree tohelp uncover new sources of business value and to drive growth and operational agility.Our focus on Digital and our record of delivering business outcomes is earning us aleadership position in these engagements. Some of the largest global enterprises see us astheir Digital Anchor Partner' helping them get to a clear vision and roadmap forthe business while delivering results in a complex multi-technology multi-productenvironment.
We are making strategic investments in capabilities and partnerships that are criticalfor leadership in this space. You know of Magnet 360 our US-based subsidiary and aSalesforce Platinum Partner who have industry-leading skills and a deep collaborativerelationship with Salesforce. This year we used their expertise in engagements across allour verticals. We have also launched a Salesforce Center of Excellence at our European Hubin Munich to address the rapidly growing demand in the European market. Our European
Hub is also home to consultants from Blue n Solutions our UK based subsidiary whosedeep expertise in SAP HANA gives us strength in Big Data & Analytics as well asthefinext generation of SAP's products.
These along with the offerings of our Relational Solutions Inc. subsidiary and ourother digital frameworks and solutions enable us to offer our clients best-in-classsolutions for customer engagement and commerce and employee and partner collaboration.
Doing more with less is an urgent need for our clients and hence for us. We haveconsistently driven greater automation and the efficiency across our engagements from ourMWatch Platform to the Robotic Process Automation driven brand marketing platform for oneof the largest global consumer brand companies to CAPE our Integrated Services Platformwhich was launched this year and which is already being adopted by our clients. We're alsoseeing greater adoption of chatbots to drive customer and employee interaction andservice where our partnerships with Microsoft and Conversable are helping us deliversolutions with business impact.
As the next wave of automation driven by Arti cial Intelligence technologies enters theenterprise our early successes as well as our specialist teams in these areas will helpmaintain our position as Digital partner of choice for our clients. We do not seeAutomation as eliminating jobs done by humans. Automation helps reduce costs as wellimprove quality and reliability for our clients and allows our people to focus on morevalue-added activities because machines now do the mundane tasks. Thus we are making bothsides win. We see Automation creating many more jobs which are more value added andenriching.
Great Place to Work
We have always strived to make Mindtree a great place to work. A collaborative andstimulating environment where all of us draw energy inspiration and joy from each otherenables us to deliver excellence to our clients.
Increasing diversity and inclusivity at Mindtree has been a key focus for us. We arehappy to share that 49% of our graduates at our Global Learning Center this year werewomen the highest percentage yet. This year also saw us launch policies such as enhancedmaternity leave and an app to enable Mindtree Minds on maternity leave to stay connectedto Mindtree and facilitate their return to work. While there is a lot more to do ourrecognitions show we are moving in the right direction we were cited in theinaugural Working Mother and AVTAR 2016 Top 10 Best Companies for Women in India'list included in NASSCOM's Top 20 IT-BPM Employers in India in 2016' and werefinalists at the Women in IT' awards in the UK. Diversity also means diversity ofcultures and viewpoints and the Mindtree Minds now hailing from more than 40 nationalitiesall help make us a stronger organization.
Making our societies flourish
At Mindtree we have always been mindful of our mission to make our societies flourishand the spread of digital technologies is helping us do much more to serve thedisadvantaged in society. Mindtree Foundation's work has gone from strength to strengthas has our I Got Garbage' initiative which is making a measurable impact in areasas diverse as recycling supporting projects to raise rural incomes and improving schoolinfrastructure. The number of Mindtree Minds who contribute their personal time and skillsto the activities of Mindtree Foundation is a healthy sign as Mindtree Foundation doesmore and more. This year we made an impact in the lives of 58930 individuals asubstantial increase over the 2015-16 figure of 34908 across our focus areas ofpromoting education benefiting persons with disabilities and creating sustainablelivelihoods.
Partnering for Success
Key to our success is our ecosystem of partners and the trusted relationships withindustry leaders as well as smaller innovators.
Our partnerships with Microsoft (particularly Azure) SAP and Salesforce are deep andfocused on delivering the cloud and digital solutions that clients are looking for. We arealso collaborating with startups and new players such as Conversable Datastax andThingWorx helping our clients make sense of the dizzying array of technologies andsolutions out there. You can read more about our partnerships and our focus on these inthe Spotlight section of this annual report.
In financial year 2016-17 we achieved revenues of $780 million with revenue growth of9.4% over FY 2015-16 among the leaders in our industry. The year also saw other notablelandmarks - the largest single win in Mindtree's history with a client in the BFSI sectorour largest independent software testing deal with a leading airline and crosse $100mn inannual revenues with our largest client. In addition our Customer Experience Survey forthis year saw the highest scores since 2013 with higher than industry average ratings onboth satisfaction and value for money. All of these metrics tell us that we continue todeliver demonstrable value to our clients.
As technological change is disrupting industries across the board it is alsodisrupting technology providers. Clients are adopting new technologies and solutionsfaster than in any previous wave of change with significantly higher impact to theirbusinesses at lower costs than before. This wave of disruption is a significantopportunity for a younger more agile player in the industry such as Mindtree. Ourexpertise in Digital technologies and Agile methodologies and our focus onautomation-driven managed services models puts us in the ideal position for where themarket is moving; that we are seeing Mindtree compete successfully and credibly in largeopportunities is validation of our strategy.
Mindtree 1.0 was about creating the foundation with a focus on business outcomes onpeople and on a winning culture culminating in our successful IPO in 2007. Mindtree 2.0has seen us grow rapidly and establish ourselves as a global leader.
Mindtree 3.0 is our next phase of evolution as we differentiate ourselves with ourleadership in Digital with Automation Agile and newer technologies driving this change.We are more excited than ever to work every single day with our 17000 Mindtree Minds aswe passionately believe that the best of Mindtree is yet to come!
We would like to end this by thanking the ~17000 Mindtree Minds across the globe fortheir collaborative spirit unrelenting dedication and expert thinking. We are also deeplygrateful to the families of Mindtree Minds because our achievements would not have beenpossible without the sacri ces and immense support we get from our families. We also wantto thank you all our shareholders for your continuing support your confidence and aboveall your trust.
Please be rest assured that we are fully committed to creating value for all ourstakeholders and upholding the highest standards of governance.
|Welcome to possible || |
|With warm regards || |
|Rostow Ravanan ||Krishnakumar Natarajan |
|CEO Managing Director ||Executive Chairman |